Contemporary Islamic Finance

Acknowledgments xi
1 Introduction: Islamic Finance in the World Economy 1
Karen Hunt-Ahmed
PART I The Contemporary Islamic FinanceLandscape
2 Contemporary Islamic Economic Thought 19
Mohammad Omar Farooq
3 The Legal Framework of Islamic Finance 39
Cynthia Shawamreh
4 Globalization and Islamic Finance: Flows and Consciousness63
Karen Hunt-Ahmed
5 Islamic Science and the Critique of Neoclassical EconomicTheory 75
Waleed El-Ansary
6 Juristic Disagreement: The Collective Fatwa AgainstIslamic Banking in Pakistan 103
Shoaib A. Ghias
7 Managing Liquidity Risk in Islamic Finance 121
Dr. Muhammad Al-Bashir Muhammad Al-Amine
8 Elements of Islamic Wealth Management 147
Paul Wouters
9 Sukuk and the Islamic Capital Markets: An Introduction165
Michael J. T. McMillen
10 Shari'a-Compliant Mutual Funds 189
Monem Salam
11 The Evolution of Shari'ah-Compliant Indexes and WhyThey Outperform Conventional Indexes over the Long Term 195
Tariq Al-Rifai
12 Takaful 203
Farrukh Siddiqui
13 Islamic Human Resources Practices 215
William Marty Martin
14 An Integrated Islamic Poverty Alleviation Model 223
Ali Ashraf and M. Kabir Hassan
15 How Does an Islamic Microfinance Model Play the Key Role inPoverty Alleviation? The European Perspective 245
Sabur Mollah and M. Hamid Uddin
PART II Case Studies
16 Islamic Finance in an Almost Postcrisis and PostrevolutionaryWorld: As in Politics, All Islamic Finance Is Local 257
Mark Smyth
17 Stepping Forward, Backward, or Just Standing Still? A CaseStudy in Shifting Islamic Financial Structures Offshore 267
Umar F. Moghul
18 Islamic Mortgages 283
David Loundy
19 Shari'a Quality Rating 293
Nasir Ali Merchant
20 Islamic Mutual Funds' Performance in Saudi Arabia303
Hesham Merdad and M. Kabir Hassan
21 Shari'ah-Compliant Real Estate Investment in the UnitedStates 323
John L. Opar
22 Risk and Derivatives in Islamic Finance: A Shariah Analysis331
Dr. Muhammad Al-Bashir Muhammad Al-Amine
23 Islamic Microfinance 353
Blake Goud
About the Editor 367
Index 369